Which of the following is false?
A) IFRS has lower standards than GAAP that address revenue recognition.
B) Under IFRS, firms do not engage in the closing process.
C) Under IFRS, the term expense includes losses.
D) Under IFRS, the term income describes both revenues and gains.

Question

Which of the following is false? 
A) IFRS has lower standards than GAAP that address revenue recognition.
B) Under IFRS, firms do not engage in the closing process.
C) Under IFRS, the term expense includes losses.
D) Under IFRS, the term income describes both revenues and gains.

Quizplus · Accepted Answer

Under IFRS, firms do engage in the closing process.

Which of the Following Is False